DUBAI, United Arab Emirates (AP) — Saudi Arabia ’s low-cost provider Flynas offered inside minutes of opening all the $1.1 billion in shares from its preliminary public providing on the Riyadh inventory alternate on Monday.
The provider, backed by billionaire Alwaleed bin Talal, is providing 51.2 million shares at round $20 to over $21 apiece, representing about 30% of the corporate’s share capital.
Flynas, which describes itself as the dominion’s solely impartial airline, hopes to construct out its fleet and broaden its 4 bases, in keeping with a press release from the corporate.
The transfer to go public comes regardless of worldwide market uncertainty fueled by U.S. tariffs and a continued downturn in oil prices that threatens to stifle growth within the kingdom.
The transfer comes after media experiences that Abu Dhabi’s Etihad Airways is eyeing an IPO plan of its personal.
The IPO, which might make Flynas the primary provider within the Gulf Arab area to go public over the previous 20 years, consists of newly issued shares, in addition to shares from Nationwide Flight Providers Co. and Alwaleed’s Kingdom Holding Co.
Flynas, which final yr posted a revenue of $116 million and $2 billion in revenues, is just not the one Saudi agency that’s trying to go public. Specialised Medical, which operates hospitals, the packaging firm United Carton Industries, and tech firm iMENA Group all have IPO plans underway.
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